ICASL Annual Report Awards on December 7

The Annual Report Awards, organised by The Institute of Chartered Accountants of Sri Lanka is planned for December 7 at the Cinnamon Grand Colombo. The awards recognise excellence in financial reporting. Registrations will close on August 31.

Governor Central Bank of Sri Lanka and Chairman panel of judges, Annual Report Awards 2010, Ajith Nivard Cabraal said "An annual report is an organization's single most important instrument of financial disclosure. While the numbers on the report indicate the financial results of an organization, it must also be noted that there would be many stories behind these numbers as well. A good annual report highlights these background stories effectively so that it creates an understanding amongst readers about the organization, its values, its achievements as well as its contribution to society.

Organizations that adopt sound financial reporting practices adhere to corporate governance codes and abide by industry norms. They also contribute positively to the stability of the financial system. In that context, ICA Sri Lanka's effort to establish a standard of excellence in annual reporting is praiseworthy."

Chairman,Annual Report Awards 2010 Lasantha Wickremasinghe said"As the sole authority in publicizing accounting standards, ICASL has identified its responsibility in ensuring that companies in Sri Lanka adhere to such standards. The institute will upgrade the competition every year by revising the scheme to be on par with developments in the global business sector. Corporate Governance Disclosure Award, Social Responsibility Reporting Award, Management Commentary Award are some of the latest categories to have been introduced to the competition. It has also been spread out to more business segments which now include small business categories such as NGOs, Clubs, Associations and BOI."